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Palmer Cook Music Productions manages and operates two bands. The company entered into the following transactors during a recent year. Jasuary 2 purchased a tour bus for $106,000 by paying $40,000 cash and signing o $50,000 note dae in two yeara. In its abeousting syates, the company records the vehiele distinct from other types of equiphent. January \& After the bus vas used for nearly ene week. It was painted with the logos of the two bande at a cost of $650, on account. The logos did not increase the lifespae, operating eapaoity, or operating efficiency of the bas, but they were thought to be usefut in promoting the bande. January 30 Wrote obeck for the anouse oved on accouse for the work comploted on Jansary 0. rebruary , purchased new spenkers and amplifiers and wrote a cheok for the full $42,000 cost. Harch i Faid $40,000 eah and siqned =$290,000 five-year note to purchase anall office baliding and land. An appraleal indicated that the bailding and land costributed equaliy to the total peice. March 31 paid $99,000 cah to acquire the goodulil and certain tangible asmets of Kris' Nyth, Fncorporated. The fait values of the tangible assets acquired were $25,000 fer. band equipment and 563,000 for recording equipment. Required: 1-a. Complete the following accounting equation table for the above transactions. Tip: Goodwill is recorded as the excess of the purchase price over the fair value of individual assets, (Enter any decreases to Assets, Liabilities, or Steckholders' Equity with a minus sign.) Prepare the journal entries for each of the above transactions. (If no entry is required for a transactic Required "in the first account field.) 1 Record the purchase of a tour bus for $108,000, paying $40,000 cash and financing the rest. 2 Record the paint Ingharges of $650 on account. III 3 Record the payment in full for the painting charges. 4 Record the purchase of speakers and amplifiers for $42,000 cash. and 5 Record the cash expense of $550 incurred to tune up the tour bus. 6 Record the purchase of a small office building and land for $40,000 cash and $290,000 five year note. Note: = journal entry has been entered Complete this question by entering your answers in the tabs below. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreclated the same way, using the straight-line method with a useful life of five years and no residual value. The buliding is depreciated using the double-declining-balance method, with a 10 -year useful life and residual value of $40,000. TIP: Calculate depreclation from the acquisition date to the end of the quarter. (Do not round intermediate calculations.) Prepare a journal entry to record the depreciation calculated in requirement 2 . (Do not round intermediate calculations. required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the depreciation expense for the three assets at the end of the quarter. Note: Enter debits before credits